Consumers Credit Union Review

You'll find Consumers Credit Union appealing if you enjoy online banking or live near Chicago, Illinois. The credit union has one of the best high-yield checking accounts right now, with a low minimum opening deposit and zero monthly fees.  

Consumers Credit Union Overall Rating

Consumers CU has one of the best high-yield checking accounts right now, with a low minimum opening deposit and zero monthly fees.  

Consumers Credit Union Pros and Cons

Consumers Credit Union Membership Share Savings Account

The Consumers Credit Union Membership Share Savings Account is a worthwhile option if you're searching for a savings account that doesn't charge monthly service fees. 

But if your priority is finding an account with a high interest rate, you'll want to check the Consumers Credit Union Free Rewards Checking Account or choose a high-yield savings account at a different institution. 

Consumers Credit Union Free Rewards Checking Account

The Consumers Credit Union Free Rewards Checking Account has a tiered interest rate that rewards you up to 5.00% if you meet specific requirements.

If you don't meet the requirements though, you'll only earn 0.01% APY on your account balance.

You'll get the most out of the account if you do the following: 

• Earn 3.00% APY if you have less than $10,000 when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
• Earn 4.00% APY if you meet the requirements to earn 3% and spend $500 per month with your Consumers Credit Union Credit Card
• Earn 5.00% APY if you meet the requirements to earn 3% and spend $1,000 per month with your Consumers Credit Card
• Earn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
• Earn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks

Consumers Credit Union IRA CDs

Consumers Credit Union offers Consumers Credit Union Consumers Credit Union IRA CDs and jumbo CDs. It has several terms lengths, and the most competitive rates are on 11-month and 22-month CDs.

Consumers Credit Union Money Market Account

You may like the Consumers Credit Union Money Market Account if you're able to maintain a high balance in your account. Otherwise, our best money market account guide might have more fitting choices. 

Compare today's checking accounts

How Consumers Credit Union Works

Consumers Credit Union has 15 open branches in Chicago, Illinois, and nearby cities. Three of the credit union's locations are temporarily closed until further notice. It's also strongly encouraged to set up an appointment before you visit a branch.

Members have access to the CO-OP Shared Branch and ATM network, which has over 5,600 shared branches and 60,000 surcharge-free ATMs.

Anyone in the US is eligible for membership online. To become a member, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.

If you're an immigrant or not a US citizen, Consumers lets you use a Matricula Consular ID or permanent resident card instead of a US government ID to open an account. You can also use an ITIN number instead of a social security number. 

Customer support is available 24/7 through live chat. Customer representatives are also accessible over the phone on weekdays from 8 a.m. to 6 p.m. CT or Saturdays from 8 a.m. to 2 p.m. CT.

The credit union's mobile app received 4.1 out of 5 stars in the Google Play store. In the Apple store, it has 4.1 out of 5 stars. 

Consumers Credit Union is federally insured by the NCUA. Up to $250,000 is protected in an individual bank account. 

Consumers Credit Union Trustworthiness and BBB Rating

Consumers Credit Union hasn't gone through any recent public scandals. 

It's also received an A+ rating from the Better Business Bureau. A good BBB score shows that a company efficiently responds to customer issues and has transparent business practices. It doesn't necessarily guarantee that your relationship with the business will be perfect, though.

Consumers Credit Union vs. Discover Bank

If you're looking for a cash-back checking account, Discover® Bank (FDIC Insured) is the most suitable choice. The Discover® Cashback Debit Account lets you earn 1% cash back on up to $3,000 in purchases monthly (see website for details). 

Consumers will be a better choice if you'd like to earn a competitive interest rate on a checking account. You may earn 5.00% if you meet certain requirements, like using your Consumers debit card and credit card frequently.

Consumers Credit Union vs. Axos

For high-yield rewards checking accounts, it'll come down to Consumers and Axos Bank.

With Consumers, you may be able to earn 5.00% APY if you meet the monthly requirements. Meanwhile, the Axos Bank Rewards Checking might pay a lower interest rate.

If you're exploring additional account options, Consumers has CDs with high interest rates. Meanwhile, Discover and Axos Bank have high-yield savings accounts with low minimum opening deposits.

Why You Should Trust Us: How We Reviewed Consumers Credit Union

We rate bank accounts on a scale from one to five stars. For Consumer's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.

For Consumer's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.

We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.

Consumers Credit Union FAQs

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three and a half years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better. She's also covered the the following stories during her time at Business Insider: 

• Best budgeting apps
• Best banks
• How much should I save each month
• What happens if your bank fails
• 2025 savings rate forecast

Sophia has spent seven and a half years writing and editing as a journalist. She began her journalism career at her college newspaper, where she took on various roles.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

• Bank accounts
• Savings and CD rate trends
• Budgeting
• Saving
• How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

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Evelyn He

Compliance and Operations Associate

Evelyn He is a compliance and operations associate for Business Insider’s Personal Finance team. Evelyn ensures content accuracy and editorial independence so readers get the most up-to-date and objective financial advice, enabling them to make informed financial decisions.ExperienceAs part of the compliance team, Evelyn helps fact check Personal Finance stories and works to make sure that the language is clear, precise, and compliant with government regulations and partner guidelines. Previously, Evelyn worked as a compliance specialist for Apellis Pharmaceuticals and a legal assistant at the law firm Morrison Mahoney.ExpertiseEvelyn is an expert in the following areas:

• Compliance
• Quality assurance
• Affiliate marketing
• Search engine optimization (SEO)
• Content strategy

EducationEvelyn earned a bachelor’s degree in business administration from UMass Amherst and a master’s in marketing from Boston University.Evelyn has two dogs, Money and Tibber.

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